Your Favorite Crypto Digest From TradeCrypto.com

Market is green. BTC is now trading above $30,000, ETH is trading around $2,200.

💪 Bitcoin dominance: 44.46%

📉 Total Cryptocurrency Market Cap: $1,415 tr

😲 Fear and greed index: 10 (Extreme Fear)

🚀 Gainers(Top-100)

STEPN (GMT) +69.90%

Gala (GALA) +63.17%

ApeCoin (APE) +50.47%

😭 Losers(Top-100)

TerraUSD (UST) -74.19%

Axie Infinity (AXS -2.45%

PAX Gold (PAXG) -1.82%

Terraform Labs Launches 3 Emergency Actions to Save LUNA, UST Stablecoin

On Thursday, Terraform Labs, the team behind the Terra ecosystem, outlined three ❗ emergency measures aimed at saving LUNA and its native stablecoin UST from 📉 collapse.

The three measures include 🔥 burning the remaining UST in the community pool, 🔥 burning any UST that still exists on Ethereum, and staking $240 million LUNA to protect the project from a governance attack.

After Terra’s UST stablecoin lost its U.S. dollar peg earlier this week, the firm’s LUNA cryptocurrency went into free 📉 fall. And today, after shedding nearly 100% of its value over the past week, Terra validators announced that they would halt the blockchain.

Per a tweet from Terra’s official account, validators “decided to halt the Terra chain to prevent governance attacks following severe $LUNA inflation and a significantly reduced cost of attack.” LUNA currently sits at a price of just over $0.01 per coin, per data from CoinMarketCap, a precipitous 📉 fall from a price point of over $81 just one week ago.

Is the Bottom In for Bitcoin? Market Sell Off Poised to Continue, Analysts Say

😔 We haven't reached the bottom yet. That’s the conclusion that analysts at the Huobi Research Institute, the research arm of the Huobi cryptocurrency exchange, reached in a newly released report.

In their report, titled “Is Another Black May Coming,” Huobi researchers Barry Jiang and Hanson Chan 📝 wrote that, when it comes to Bitcoin, “the market bottom has yet to come, and value investors should hold off on buying.”

Cardano's Hoskinson Says "Best-to-Market" Crypto Could Help Avoid Economic Collapse

In a Twitter 🎞️ broadcast on Tuesday night, the Cardano founder and Ethereum co-founder warned of a “dystopian future” brought on by hyperinflation and governments just printing 💰 money.

“The world economy,” Hoskinson warned, “is not healthy.” Crypto can be part of the economic solution, he said, while also cautioning against possibly rushed first-to-market products that may not be “best-to-market."

Almost All $1.7B Crypto Stolen In 2022 Has Come From DeFi: Chainalysis

That 📊 stat has largely been driven by two huge attacks earlier this year: the $622 million Ronin Bridge at the end of March and the $320 million Wormhole attack in February.

Chainsmokers Share New Album Royalties With Fans via NFT Drop in Music Industry First

The 🎹 electronic music duo The Chainsmokers are best known for catchy hits like "Closer" and "Paris," but they have also made a name for themselves as Web3 innovators. The latest example comes with the release of their new album "So Far So Good," which will include a drop of 5,000 NFTs that will let 🤗 fans share in 1% of the royalties.

This is the most high-profile example to date of musicians using NFTs to share royalties with fans. While artists like Nas and Diplo have issued royalty-generating NFTs tied to specific songs, this is the first time a band has done so for free for an entire album.

Treasury Secretary Janet Yellen told members of Congress on Thursday that she doesn't believe the crypto market has grown to a scale that it poses a "systemic risk" a designation that can trigger a raft of new regulatory measures.

"I can’t say [stablecoins] have reached a scale where they’re financial stability concerns," 🗣️ said Yellen.

Conclusion: LUNA and UST fell to their all-time lows. Luna is waiting to be delisted from binance if its price falls below 0.005. This situation has given rise to doubts about stablecoins. The stars continue to work with cryptocurrencies and NFTs. 

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What is Crypto Ping Pong digest?

So all the TC lads here are working quite hard and from time to time we gotta chill.

That’s why we got ourselves a ping pong table to complete our lazy-bag-stuffed chill zone. As you all know our main hobby is Crypto, so even while we play we don’t really shut up about it. Ever.

During the game, we have a rule not to discuss serious topics like analytics, predictions, etc.

So memes, leaks, gossips naturally come about – we collect them and share them with you in this interstellar space on our site we like to call Crypto Ping Pong digest.